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Jan 17, 2013
01/13
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government or state government to take up the cause. i don't think that the stock can go to zero unless the justice department attempts to shut it down. he it's clear that ackman himself needs to have the help of the government to make those charges matter. i don't think he will get one powerful enough to stop herbalife's growth, maybe slow it, but not stop it. slowing down may not even matter. the justice department, ever since it shut down arthur anderson at the time of enron by indicting the firm has never gone after a company with the idea of wiping it out and cause thousands of jobs to disappear. and ch is exactly what would happen. the stc, i don't think they will take the kind of action that ackman needs or wants. i believe it wants as much disclosure as possible. and i think herbalife is doing that. i don't think the s.e.c. will find anything that can be referred to justice for criminal prosecution. so my view is that ackman has a weak ally, partner in the government. even cnbc's own herb greenberg, a fabulous documentary that y
government or state government to take up the cause. i don't think that the stock can go to zero unless the justice department attempts to shut it down. he it's clear that ackman himself needs to have the help of the government to make those charges matter. i don't think he will get one powerful enough to stop herbalife's growth, maybe slow it, but not stop it. slowing down may not even matter. the justice department, ever since it shut down arthur anderson at the time of enron by indicting the...
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Jan 18, 2013
01/13
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government or maybe state governments to take up the cause. i don't think that the stock can go to zero, ackman's price target, unless the justice department attempts to shut it down. ackman accumulated his short position and then came on the air to declare the company is a fraud. it's clear that ackman himself needs to have the help of the government to make those charges matter. he can't do it himself. he can't shut the company down. i don't think he will get one powerful enough to stop herbalife's growth, maybe slow it, but not stop it. considering how the company is doing, a bit of a slowing down may not even matter. the justice department, ever since it shut down arthur anderson at the time of enron by indicting the firm has never gone after an entity, a real company, with the idea of wiping it out and causing thousands of jobs to disappear. which is exactly what would happen. the s.e.c., i don't think they will take the kind of action that ackman needs or wants. as for the s.e.c., i believe it simply wants as much disclosure as possible,
government or maybe state governments to take up the cause. i don't think that the stock can go to zero, ackman's price target, unless the justice department attempts to shut it down. ackman accumulated his short position and then came on the air to declare the company is a fraud. it's clear that ackman himself needs to have the help of the government to make those charges matter. he can't do it himself. he can't shut the company down. i don't think he will get one powerful enough to stop...
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Jan 16, 2013
01/13
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we had horrendous headlines of a total government shutdown. still, it may lead to a downgrade in us debt. we are being told that the debt ceiling wrangling could be even worse for the country than going over the fiscal cliff. how is that for frightening? senator freddy krueger versus representative jason, hush-hush sweet speaker, whatever happened to baby budget? you get the picture so to speak. how about lululemon? this morning a reliable steady growth story. smaller paycheck. the end of the payroll tax holiday has to hurt retail doesn't it? and the facebook disappointment. you have this mystery announcement coming. instead we have an announcement of a tool to search information on big social networks. what a bust. yet the market didn't get hammered. there was no rally, and then we got the nap time and the fresh bull came to play into the bell. what is happening here? there have been different times along the way up where we had this same exact phenomenon like we are seeing here today. one at the beginning of the bull run. another occurred in
we had horrendous headlines of a total government shutdown. still, it may lead to a downgrade in us debt. we are being told that the debt ceiling wrangling could be even worse for the country than going over the fiscal cliff. how is that for frightening? senator freddy krueger versus representative jason, hush-hush sweet speaker, whatever happened to baby budget? you get the picture so to speak. how about lululemon? this morning a reliable steady growth story. smaller paycheck. the end of the...
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Jan 22, 2013
01/13
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but i have been noticing they are getting these contracts not just government entities and they have streamlined their acts. is it a good-bye? >> it is an exceptional buy. we featured this stock in 2009. november of 2009. i think this stock has many, many, many points that it could run. i would like to see the company take action and break itself up. i think you have a winner rick. i would own harris. >> dana in california, dana. >> i was hoping to revisit an old friend that you mentioned when obama was visit elected avar. it is find of traded in a range between 25 and 35. it goes down and back up again. >> yes, and what is interesting it, it has had a spotty earnings record. it has had that up and down pattern. i liked the company but i did not help people by recommending it. down here, i don't know. you would have to have conviction that the earnings can be very good. i expect 2013 to be full of m and a action. that is something that the defense sector could be concentrating on. without a pea ovtakeover, the ss very, very cheap. >>> it is time for the lightening round. i want to st
but i have been noticing they are getting these contracts not just government entities and they have streamlined their acts. is it a good-bye? >> it is an exceptional buy. we featured this stock in 2009. november of 2009. i think this stock has many, many, many points that it could run. i would like to see the company take action and break itself up. i think you have a winner rick. i would own harris. >> dana in california, dana. >> i was hoping to revisit an old friend that...
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Jan 15, 2013
01/13
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those fortunes have been spent to design systems that are loved by governments. and that is terrible. plus we know that the enter price that has been ruled by the crowd. it is funny when the stock was only at 11 i thought what an opportunity. but as it got closer to 13. if you owned it you need to sell it if it goes closer to 14 tomorrow. let's talk about if the stock goes back to 10. at that time remember half of dell's business is global. it isn't including the possibility that we develop a tax regimen in this country. but that has to happen and it doesn't include the notion that you and i haven't thought of. a wealthy player that believes in the vision of being a one stop shop for the smaller business companies. the idea that could be considered reasonable. it will be replaced by a smartphone and a tablet that is certainly possible. if you think it is the latter than $11 well, i got to tell you, you should be in dell. this stock isn't going back to $8 and change. but you better wait until it cools down before you buy. as we know, no man's land is a very, very
those fortunes have been spent to design systems that are loved by governments. and that is terrible. plus we know that the enter price that has been ruled by the crowd. it is funny when the stock was only at 11 i thought what an opportunity. but as it got closer to 13. if you owned it you need to sell it if it goes closer to 14 tomorrow. let's talk about if the stock goes back to 10. at that time remember half of dell's business is global. it isn't including the possibility that we develop a...
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Jan 16, 2013
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government shutdown? does it not comprehend it's not merely the nation's credit rating that's at risk from the debt ceiling debacle? but the full faith and credit of the republic itself? how long can we shrug off this grand canyon plunge that's coming? as we did again with another benign day, dow tipped 29 points, and nasdaq advance advanced .22%. this is behavior. is the market actually smarter than you and i think? i'm starting to believe the latter and tonight i'm going to tell you why. first, i don't necessarily want to invest in a country if it doesn't pay its bills. dead beat country, but i don't mind if it can't pay for its bills but for a moment refuses to. it must honor its debts no matter what. i believe passionately that we will pay debts in a timely fashion. congress is supposed to hold the purse strings, but the american people are less stupid than washington thinks they are. they lived through another one of these scares. that time, we were frightened, frightened about what a ratings agency
government shutdown? does it not comprehend it's not merely the nation's credit rating that's at risk from the debt ceiling debacle? but the full faith and credit of the republic itself? how long can we shrug off this grand canyon plunge that's coming? as we did again with another benign day, dow tipped 29 points, and nasdaq advance advanced .22%. this is behavior. is the market actually smarter than you and i think? i'm starting to believe the latter and tonight i'm going to tell you why....
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Jan 18, 2013
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government? or have you? have you talked with the u.s. government? >> i mean, it is not like they don't know i'm here. the blog is read by everyone. i have -- i have talked to gentlemen at the u.s. embassy in belize. >> john, i have to interrupt you. they say quote, i'm not asquare that anyone at the embassy ever discussed this with mr. mcafee and maybe they hadn't admitted this and they say no, they haven't talked to. >> you well, if the government doesn't wack want to talk about it or admit something is going on, then they won't admit we talked. now i did this on my own. it is clear in many cases, the united states government is aware of threats. and chooses to do nothing because there may be wider threats that i have no knowledge of. but i do have knowledge of this and i'm talking about it. they haven't shut me up yet. i haven't been arrested. the cia hasn't issued a warning. and i will continue to talk about this. >> i do mean this with all due respect, but your stories are wild. right? >> no doubt. >> why should we believe you? >> well, i mean,
government? or have you? have you talked with the u.s. government? >> i mean, it is not like they don't know i'm here. the blog is read by everyone. i have -- i have talked to gentlemen at the u.s. embassy in belize. >> john, i have to interrupt you. they say quote, i'm not asquare that anyone at the embassy ever discussed this with mr. mcafee and maybe they hadn't admitted this and they say no, they haven't talked to. >> you well, if the government doesn't wack want to talk...
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Jan 23, 2013
01/13
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you've got to get approvals from various state governments, sometimes even the state department as we've seen with the endlessly delayed and controversial keystone pipeline. but the tracks already there, if you want to ship more of the stuff, add more cars, perversely, there's much more chance of an oil spill of a derailed train than a pipeline. it doesn't matter because it seems the pipelines are the bane of the president's existence. it's the best method for transporting the crude to market. these days, there are whole trains made up entirely of tank cars and they can be a mile long. think of these rail cars as another way to play the north american energy renaissance, one of my top ten themes for 2013. on tuesday morning, kansas city southern -- okay, that was last quarter. i know, off a very small base. and they said that twice off a small base. it is worth noting. they're doing a lot of frac too. mostly due to the increase in crude oil traffic coming from the bakken and canadian oil fields. last week when we heard from general electric, they told us the locomotive business was on fi
you've got to get approvals from various state governments, sometimes even the state department as we've seen with the endlessly delayed and controversial keystone pipeline. but the tracks already there, if you want to ship more of the stuff, add more cars, perversely, there's much more chance of an oil spill of a derailed train than a pipeline. it doesn't matter because it seems the pipelines are the bane of the president's existence. it's the best method for transporting the crude to market....
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Jan 23, 2013
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>> i think the government should have pursued them. when we look at the biggest mess the industry was in. we weren't in them but then acquired mortgage city and got us back into it. it was such a mess, i don't think there was any question the government should have required the banks to go back and look to see what took place. i can only speak for our experience. there were errors in the national city process, no question. sweatled those and that's fine. i think what was happening was the government did a good thing, they were finding -- you might find a lot of technical errors and we'll deal with that. there really wasn't a great deal of foreclosing on people who didn't pay their bills. >> the bankers need a pr firm, too. just watching the media portrayal of settlements done, they divided $2 billion bay ty number of people affected and say the average homeowner only gets $800 and the bank gets away with it. you would think the everybody was foreclosed upon the individual had no complicity or responsibility in anything that happened. >
>> i think the government should have pursued them. when we look at the biggest mess the industry was in. we weren't in them but then acquired mortgage city and got us back into it. it was such a mess, i don't think there was any question the government should have required the banks to go back and look to see what took place. i can only speak for our experience. there were errors in the national city process, no question. sweatled those and that's fine. i think what was happening was the...
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Jan 17, 2013
01/13
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government nor the u.s. government able to provide any clarity about the state of that on peril rags. there are conflicting reports about casualties. b.p. along with other energy companies in the country are moving nonessential employees from algeria. once again, in the last hour the white house strongly condemning the attack on the plant and the white house spokesperson saying president obama is being briefed regularly on the situation. they would not provide any clarity about whether or not there are u.s. drones over algeria at this point. to give you the background, a group connected to al qaeda has claimed responsibility for this attack. they said it is in retaliation for fran's moving into mali. they tried to put a stop to islamic militants trying to take over that country. >> michelle, the earlier reports i saw in the associated press, news source, there were multiple fatalities, maybe as many as 35 among the whose stages. that is now an unreliable report, right? >> absolutely. at this point no one at
government nor the u.s. government able to provide any clarity about the state of that on peril rags. there are conflicting reports about casualties. b.p. along with other energy companies in the country are moving nonessential employees from algeria. once again, in the last hour the white house strongly condemning the attack on the plant and the white house spokesperson saying president obama is being briefed regularly on the situation. they would not provide any clarity about whether or not...
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Jan 17, 2013
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here's a bunch the things the government has to pay. interest on the debt. federal salaries, $19 billion. you've got to pay your tax refunds. if you were the treasury secretary, how could the possibly match incoming cash, which is about $2 7 billion a month with expenses? we have rigged the game here to work. if you decided to pay all of these things, federal salaries, retirement, interesting that would be your total cash flow, which means you could not fund, come on over here, these things. you wouldn't fund health and human services, not pay tax refunds, close down justice, fema, energy, f.a.a. that is how you match the two things. finally one last thing here, the difference between the fiscal cliff and debt ceiling. fiscal cliff we thought would be a 4% hit to gdp, and i don't know, 400, $500 billion. take a look now at what the debt ceiling would be, if you reached the debt ceiling and reduced government spending by that amount, mark sandy, others suggest it should be a 7% hit to gdp. so, simon, a big war of numbers, and big war of words on both sides, a
here's a bunch the things the government has to pay. interest on the debt. federal salaries, $19 billion. you've got to pay your tax refunds. if you were the treasury secretary, how could the possibly match incoming cash, which is about $2 7 billion a month with expenses? we have rigged the game here to work. if you decided to pay all of these things, federal salaries, retirement, interesting that would be your total cash flow, which means you could not fund, come on over here, these things....
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Jan 22, 2013
01/13
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, his entire government in per lynn today. festivities mark 50 years since the treaty of friendship was signed. that's knight nice. a joint cabinet meeting and parliamentary session is being held also. today's events come as the two countries struggle for a common vision as crisis hit europe. and it's nice that -- >> friendship? >> yeah, after that cold and nasty occupation thing in world war ii and all. meantime, in brussels, european finance ministers are meeting. they're expected to give their approval to allow 11 states to start preparations for imposing a tax on all financial market transactions and measures likely to unsettle banks and houses. for more on the story coming out of europe today, let us head to london to kelly evans who is standing by this morning. i like that necklace. i don't know what it means -- what it's saying to me. it kind of looks like -- >> it's telling you to buy goad, joe. it's a subtle signal to investors. i coordinate my wardrobe with the prevailing market move. >> yeah. >> i was thinking you w
, his entire government in per lynn today. festivities mark 50 years since the treaty of friendship was signed. that's knight nice. a joint cabinet meeting and parliamentary session is being held also. today's events come as the two countries struggle for a common vision as crisis hit europe. and it's nice that -- >> friendship? >> yeah, after that cold and nasty occupation thing in world war ii and all. meantime, in brussels, european finance ministers are meeting. they're expected...
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Jan 15, 2013
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i think the government should be doing this. the question is, is it important enough for us to pay for it or are we simply going to move that burden down to our kids? this is not designed to be a delay or a poison pill. it's designed to have a conversation about whether we're going to go to other places to take care of our own people. >> there's already been so much discussion over how long it's taken. for instance, aid to katrina went much quicker than aid to sandy is coming, as if there is any at all. do we need to -- you know how difficult it is to get cuts of any kind. that's going to mean relief for future disasters is going to take longer, isn't it? >> keep many mind, just yesterday on the house floor we passed something by an overwhelmingly bipartisan majority that actually gave the president some additional authority to move things along faster. i think we're learning from the lessons. i agree that things have gone too slowly. the amendment i'm offering will not offer a delay. it's a discussion about how things get paid.
i think the government should be doing this. the question is, is it important enough for us to pay for it or are we simply going to move that burden down to our kids? this is not designed to be a delay or a poison pill. it's designed to have a conversation about whether we're going to go to other places to take care of our own people. >> there's already been so much discussion over how long it's taken. for instance, aid to katrina went much quicker than aid to sandy is coming, as if there...
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Jan 15, 2013
01/13
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country seem like a mickey mouse place to invest and uncertainty going forward, every single democratic government on earth seems to be better organized and smoother functioning than ours. that uncertainty caused by that lack of confidence and higher payroll taxes might have something to do with the declines we're seeing. telco was a place to hide back in 2012. at&t and verizon saw slow downs. no let up in the subsidies to apple and samsung, we love these companies because they had no europe last year, no china, no mexico. now we wish they had all three and there was business formation. let's focus on the other half of the equation. it's a little more robust, where the money is going. last night china had one more remarkable session. holy cow, courtesy of new attitude. the gold double digit growth is taking up the fxi. follow along, but it is taking up the ancillary chinese plays, like coach. did you see that today? rallying more than $2. we are seeing steady gains in cummins. totalling chinese demand, truck demand. this one won't stop climbing. i say watch starbucks which is a gigantic expansion
country seem like a mickey mouse place to invest and uncertainty going forward, every single democratic government on earth seems to be better organized and smoother functioning than ours. that uncertainty caused by that lack of confidence and higher payroll taxes might have something to do with the declines we're seeing. telco was a place to hide back in 2012. at&t and verizon saw slow downs. no let up in the subsidies to apple and samsung, we love these companies because they had no...
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Jan 18, 2013
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the costs of their care landing in the government's lap. what about that? >> maria, i couldn't disagree more with max. i believe that this is a very courageous proposal from the business roundtable put together by gary loufman of cesare's who used to be a colleague of mine at harvard business school. if you hit 65, the expectsy is 20 years. medical technology is learning how to keep people alive longer and longer, but we still have our disease-prone years hitting about the same time, in the late 50s, so i think people are going to have to work longer. we'll need these workers, and i think this is a very sound way to get medicare solvent. it won't be solvent today. unbounded costs in medicare. lifestyles are pushing it up and end-of-life issues, and there's just tremendous upward pressure on medicare costs, and i'm extremely concerned we won't be able to fund it, or else it will squeeze everything out of the budget. first of all this, proposal is going to be phased in. doesn't affect anyone at all who is over the age of 55, so they are all excluded, and, fra
the costs of their care landing in the government's lap. what about that? >> maria, i couldn't disagree more with max. i believe that this is a very courageous proposal from the business roundtable put together by gary loufman of cesare's who used to be a colleague of mine at harvard business school. if you hit 65, the expectsy is 20 years. medical technology is learning how to keep people alive longer and longer, but we still have our disease-prone years hitting about the same time, in...
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Jan 23, 2013
01/13
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the government is borrowing the fed's money into existence, and it's driving another bubble in stock prices, what a surprise. >> all of which were the reasons why you were staying away from the market so now you're throwing in the towel on the political agenda. >> it wasn't so much driven into investors' heads that congress was incapable of embracing austerity. now we know. look, the sequestration was supposed to happen january 1st. punt on that one. debt ceiling, supposed to hit that. now it will be steve 19. there's no austerity. >> what michael is saying in a very long-winded way is don't fight the fed. not fighting the fed. the fed, europe, japan's now with b to go hog wild. >> sure, sure. >> the whole world is printing new money. >> abe, the new prime minister of japan, japan is at least discussing a new quantitative easing scheme for them. they are going to be printing a lot of yen. >> the point is all that tends to be good for assets like stocks? >> very stimulative. europe will have to start printing money as well to deal with their issues so you don't want to fight that liqu
the government is borrowing the fed's money into existence, and it's driving another bubble in stock prices, what a surprise. >> all of which were the reasons why you were staying away from the market so now you're throwing in the towel on the political agenda. >> it wasn't so much driven into investors' heads that congress was incapable of embracing austerity. now we know. look, the sequestration was supposed to happen january 1st. punt on that one. debt ceiling, supposed to hit...
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Jan 15, 2013
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the next two were government and relagz. in other news, walmart will announce a plan to hire every veteran that applies for a job. the only requirement? the vets need to have retired from the military within the last year. >>> the house will begin to debate on a $51 billion plan for superstorm sandy victims. more than 90 amendments will be filed by friday. earlier this month, lawmakers approved $9.7 billion to help pay flood insurance claims from the storm. the senate is expected to pick up whatever legislation the house approves, but things are getting testy at this point. you are talking about over 75 days i believe at some point since the storm actually came through. governor chris christie of new jersey has been making harsh comments about how you will not expect in the past of seeing any of the representatives from this area of the country who were voting down bill toes help aide flood and victims in iowa. he doesn't want to see breaking down into you scratch my back, i'll scratch yours in the future. >>> in other news
the next two were government and relagz. in other news, walmart will announce a plan to hire every veteran that applies for a job. the only requirement? the vets need to have retired from the military within the last year. >>> the house will begin to debate on a $51 billion plan for superstorm sandy victims. more than 90 amendments will be filed by friday. earlier this month, lawmakers approved $9.7 billion to help pay flood insurance claims from the storm. the senate is expected to...
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Jan 18, 2013
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government takes on a lot of risk no matter what. as it is now the big wall street banks have this deal where it's heads they win, tails the taxpayer loses. the taxpayer should actually be getting some of the return that goes along with that risk. and right now we're not. the taxpayer is left holding the bag when the big banks go get in trouble. but we're not getting the upside of that. wand the sovereign wealth fund you could get the upside as well. >> professor, broader based question for you, the three periods in the last 70 years where we've had expansions of p/e multiples, strong capital spending, have all been ones when we've had positive real interest rates, and very stable monetary and public policy. the '50s, the '80s and the '90s. don't we want to get away from the public sector getting involved in these capital markets? isn't that what ultimately will encourage private capital formation? why would we want a sovereign wealth fund to do what the fed's doing? why do we want that done at all? >> it's the other way around. when
government takes on a lot of risk no matter what. as it is now the big wall street banks have this deal where it's heads they win, tails the taxpayer loses. the taxpayer should actually be getting some of the return that goes along with that risk. and right now we're not. the taxpayer is left holding the bag when the big banks go get in trouble. but we're not getting the upside of that. wand the sovereign wealth fund you could get the upside as well. >> professor, broader based question...
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Jan 16, 2013
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whether it is an outright default, a shutdown of the government? do either of those things seem very likely to you? >> neither of them are good things to have happen. but the president is going to have to be willing to talk about spending. we addressed the revenue issue on the bill that we passed january 1st in the congress. we've now put the revenue issue to bed. it's time we put the spending issue to bed. we have to begin to cut our discretionary spending and reform our entitlement programs if we ever hope to reduce our national debt and get more in balance in this country. if you just continue to extend the debt limit without restricting spending, you're going to have yourself where you have compound interest on negative debt which is wrong for the united states of america. >> finally, on gun control, senator, we'll see what the president says at the top of the hour. he is expected to lay out some legislative proposals, some executive steps to prevent gun violence. is it clear to you that either of -- anything of what he's going to propose will
whether it is an outright default, a shutdown of the government? do either of those things seem very likely to you? >> neither of them are good things to have happen. but the president is going to have to be willing to talk about spending. we addressed the revenue issue on the bill that we passed january 1st in the congress. we've now put the revenue issue to bed. it's time we put the spending issue to bed. we have to begin to cut our discretionary spending and reform our entitlement...
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Jan 18, 2013
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. >> we've got breaking news from the federal government. senior economics reporter steve liesman has the story. >> the fed is supposed to release this morning the transcript from 2007. those are the ones where they tell you who said what during meetings. an unusual amount of attention to these, because this is the first response of the federal reserve to the crisis which you remember began in the summer of 2007. what are we going to be looking for? what folks were saying in three emergency meetings. three rate cuts totaling 1%. and of course, there was a big debate, inflation versus response to the financial crisis on august #th. putting out a statement saying the main concern was inflation, three days later the federal reserve said it would provide reserves as necessary to combat the financial crisis. here's why this is going to be historically important. the first declines there in 2007, then what we'll do is overlay inflation on this. you can see what the fed was dealing with at the time. you had rising inflation at the time. at the same
. >> we've got breaking news from the federal government. senior economics reporter steve liesman has the story. >> the fed is supposed to release this morning the transcript from 2007. those are the ones where they tell you who said what during meetings. an unusual amount of attention to these, because this is the first response of the federal reserve to the crisis which you remember began in the summer of 2007. what are we going to be looking for? what folks were saying in three...
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Jan 23, 2013
01/13
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barely enough to govern. now with almost all the votes counted, it looks like a hung parliament. 60 seats on the right. 60 seats on the left. that means that netanyahu must now do something that really none of us took too seriously last night. he must reach out, as you say, across the aisle to the center left. that means turning to really the big winner in these elections. a newcomer named yayer lapit. a former news anchorman, charismatic head of a centrist, secular party which ran on mostly domestic, economic meat and potato issues. what will that mean policy wise? i think first we'll see early on a kick-start of the peace talks with the palestinians which have effectively been dead, those talks, for four years now. lapid is a strong president supporter of a two-state solution. we're likely to see movement there. that will, by the way, improve strained to say the least relations with the united states and the allies. but i don't think netanyahu's tough positions either on iran, on future air strikes in gaza,
barely enough to govern. now with almost all the votes counted, it looks like a hung parliament. 60 seats on the right. 60 seats on the left. that means that netanyahu must now do something that really none of us took too seriously last night. he must reach out, as you say, across the aisle to the center left. that means turning to really the big winner in these elections. a newcomer named yayer lapit. a former news anchorman, charismatic head of a centrist, secular party which ran on mostly...
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Jan 22, 2013
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these are not typical government agency people who don't know. there's a fallacy out there that they don't know what is happening here in this business. i can tell you if you think that's the case, you are dead wrong. they understand exactly what people are doing and they will find you. >> and now there's this expectation that mary jo white, not a policy wonk, but a former prosecutor may run the joint. >> i think those there will welcome this. they talk about civil and criminal litigation. i think they're very disappointed that the criminal side of wall street policing has not been able to put as many people in jail. i think they would welcome somebody like mary jo white who's got the criminal background to get the agencies to work closer together. they're proud of the civil litigation they're able to bring. >> what would you say about the fact they're having this conversation with you? does it raise their expectations? >> i think they want to make the point, because there was a period in the christopher cox led s.e.c. that enforcement was not re
these are not typical government agency people who don't know. there's a fallacy out there that they don't know what is happening here in this business. i can tell you if you think that's the case, you are dead wrong. they understand exactly what people are doing and they will find you. >> and now there's this expectation that mary jo white, not a policy wonk, but a former prosecutor may run the joint. >> i think those there will welcome this. they talk about civil and criminal...
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Jan 23, 2013
01/13
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CNBC
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the government doesn't work this fast. i worked for them. former irs accountant dee dee stone, now in private practice, was handling the books for this man, ron allen, who controlled a string of limited partnerships in dallas. >> these companies had no sales, but they had all the loans, and the only assets they had were receivables from other related companies. >> convinced the whole thing was a ponzi scheme, she snuck into the office on a weekend and found all the evidence in one drawer. >> you could see where the money was coming in from investors and being transferred out to his companies and to his wife. >> were you scared? >> i was. i was terrified. it was a sunday so it wasn't real likely anyone was going to come in. >> no one came in and stone brought her findings to the s.e.c. in april, 2011, a federal judge shut down what the s.e.c. called an $8 million ponzi scheme. without admitting guilt ron allen and his wife agreed to pay more than half a million dollars and dee dee stone collected a bounty under the new s.e.c. whistle-blower p
the government doesn't work this fast. i worked for them. former irs accountant dee dee stone, now in private practice, was handling the books for this man, ron allen, who controlled a string of limited partnerships in dallas. >> these companies had no sales, but they had all the loans, and the only assets they had were receivables from other related companies. >> convinced the whole thing was a ponzi scheme, she snuck into the office on a weekend and found all the evidence in one...